Subsea Thermal Insulation Materials Market worth $93 million by 2023 | Key Players include Advanced Insulation, AFGlobal, Aspen Aerogels, BASF, Cabot Corporation, DowDuPont, Shawcor Ltd., TechnipFMC, and Trelleborg Offshore & Construction

According to recent market research "Subsea Thermal Insulation Materials Market By Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy, Aerogel), Application (Pipe-in-Pipe, Pipe Cover, Equipment, Field Joints), and Region - Global Forecast 2018 to 2023", The subsea thermal insulation materials market is estimated to be close to USD 77 million in 2018 and is projected to reach more than USD 93 million by 2023, at a CAGR of 4.0% between 2018 and 2023. The rising number of subsea projects is expected to drive the subsea thermal insulation materials market.

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Subsea thermal insulation materials are applied to equipment, components, and pipelines used in subsea oil & gas operations. These materials prevent wax and hydrate formation during the transportation of oil and gas. Types of subsea thermal insulation materials considered in the report include polyurethane, polypropylene, silicone rubber, epoxy, and aerogels. These materials are used in applications such as pipe-in-pipe (PiP), pipe cover, equipment, and field joints.

Newer products are being developed, which are expected to cater the complex subsea projects. For instance, Dicyclopentadiene (DCPD) is being researched and is showing good processing characteristics as a subsea thermal insulation material. Materia is one of the manufacturers of thermoset resins made using DCPD as Proxima high-temperature insulation resins (HTI). Similarly, Scott Bader (UK) manufactures and distributes DCPD-based resin under the brand, Crystic.

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The global market size of subsea thermal insulation materials is projected to grow from close to USD 77 million in 2018 to more than USD 93 million by 2023, at a CAGR of 4.0% during the forecast period. The recovery of the oil & gas industry leading to growth in the number of subsea projects is the driving factor for the market. However, the fluctuations in crude oil prices is a factor that restraints the demand for subsea thermal insulation materials.

The leading players in the subsea thermal insulation materials market are Advanced Insulation (UK), AFGlobal Corporation (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden). These players adopted key growth strategies such as expansion, agreement, merger & acquisition, and new product development from 2014 to 2018, which helped them increase their capacities and cater to the widening customer base.

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Advanced Insulation (UK), has also been actively participating in market developments. The company is currently focusing on improving its subsea thermal insulation business by enhancing its service capabilities. In June 2015, the company expanded its Houston, Texas-based operation with an additional 10,000 sq. ft. manufacturing facility. The expansion helped the company in making offsite insulation of subsea components and systems using its ContraTherm range, thereby, enhancing its servicing capabilities in North America.

In January 2017, TechnipFMC (UK) was formed by the merger of FMC technology (US) and Technip (France). The merger brought together two complementary, leading players that provide integrated and discrete solutions to customers across the value chain in the oil & gas industry. The company adopted organic and inorganic growth strategies in order to enhance its market share in the subsea thermal insulation materials market. In September 2018, it signed a strategic agreement with Equinor (Norway) to provide improvement solutions to Equinor’s offshore projects, globally.

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